Forex Morning Briefing

Forex Morning Briefing

Forex Morning Briefing

$DXY, $EUR, $JPY

Commentary: USD stronger on Fed statement. PE

The US Dollar (.DXY) Index at 92.58 saw a high near 92.8 Wednesday, as the Fed maintained stood pat noting inflation is moving higher. This Hawkish stance might have pushed .DXY to 92.8, but it is again trading near 92.5-92.6 now. Near term see a dip to 92.0-91.5, the resume the uptrend.

EUR (Euro) at 1.1973 marked a low at 1.1938 Wednesday as .DXY strengthened. It could move up to 1.20 in here. If it moves further above 1.20, then levels near 1.21 could again be tested near term.

USD/JPY at 109.68 continued North on the 3-Day candles and saw a high near 110. This uptrend looks capped at 110.0-110.5 medium term.

EUR/JPY at 131.35 has support 131. Next support is at 130, it may be tested when USD/JPY moves to 109.

Note: My targets are 1.200-1.205 on EUR and 109.5-109.0 on the USD/JPY, see a range within 131.95-130.80 for the EYR/JPY.

Sterling, (GBP) at 1.359 broke below crucial long term support at 1.385, is set to turn Very Bearish medium term. Its next Southside target it 1.35, which could be tested next week.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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